$1.6B went to bailed-out bank execs FIRE THE BUMS

[David Farber <dave () farber net>]

Begin forwarded message:

From: dewayne () warpspeed com (Dewayne Hendricks)
Date: December 21, 2008 8:49:27 PM EST
To: Dewayne-Net Technology List <xyzzy () warpspeed com>
Subject: [Dewayne-Net] AP: $1.6B went to bailed-out bank execs

[Note:  This item comes from friend Ed DeWath.  This item is making a  
splash among the Netroots today.  Its been sent to me by several  
readers.  One reader commented, "Its starting to feel like we're all  
the pets and we should be content with the few scraps that we're  
thrown by our Masters."  DLH]

From: Edward DeWath <dewath () prodigy net>
Date: December 21, 2008 8:00:49 AM PST
To: Dewayne Hendricks <dewayne () warpspeed com>
Subject: AP: $1.6B went to bailed-out bank execs

AP study finds $1.6B went to bailed-out bank execs

<http://news.yahoo.com/s/ap/20081221/ap_on_bi_ge/executive_bailouts>

Banks that are getting taxpayer bailouts awarded their top executives  
nearly $1.6 billion in salaries, bonuses, and other benefits last  
year, an Associated Press analysis reveals.

The rewards came even at banks where poor results last year sent them  
to Washington for a government rescue. Some trimmed their executive  
compensation due to lagging bank performance, but still forked over  
multimillion-dollar executive pay packages.

Benefits included cash bonuses, stock options, personal use of company  
jets and chauffeurs, home security, country club memberships and  
professional money management, the AP review of federal securities  
documents found.

The total amount given would cover bailout costs for many of the 116  
banks that have so far accepted tax dollars to boost their bottom lines.

The banks have so far received $188 billion in taxpayer help. Among  
the findings:

Goldman Sachs described its pay plan last spring as essential to  
retain and motivate executives "whose efforts and judgments are vital  
to our continued success, by setting their compensation at appropriate  
and competitive levels."

Goldman Sachs' tab for leased cars and drivers ran as high as $233,000  
per executive. The firm told its shareholders this year that financial  
counseling and chauffeurs are important in giving executives more time  
to focus on their jobs. (emphasis added)

____________

Editorial comment: what the f**k were they focused on before the rescue?
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